Moving to Denver!!!

[Chelsey Hamill]

Hello Denver!

My boyfriend and I are planning on moving out to Colorado by this coming September, and we are pretty set on Denver. I have so many questions, so if you can help with any of them, it would be of tremendous help!

We will eventually visit before moving out there, just so we can get the feel of the city and find somewhere to live. Ideally I would want to purchase a multifamily, if we can qualify for a loan. Obviously 4 units or smaller, because I know prices are way higher in CO than they are here in West Virginia. So here goes!

-Where is a good place to reside in Denver? I am talking about desired neighborhoods that renters look for.. But more importantly for myself and my boyfriend, because we would be living in the unit too! We wouldn't want to be in the center of the city, but we can keep an open mind to different settings.

-How difficult is it to qualify for a multifamily FHA/VA loan where buyers occupy a unit and put as little as 3.5% down.. We are both servers (and will be until we search for other jobs). He is military as well. I'm unsure of any obstacles we may face when applying for a loan.

-I'm looking for the start of my eventual career in real estate, so I could use some pointers. I haven't made any investments yet, and have also been considering a job as a realtor to help build my savings.

I appreciate your help in advance,

Cheers!

[Bill S.]

@Chelsey Hamill you won't likely be buying a 4 unit anywhere in the Denver metro on two server incomes. The most junky properties in the least desirable neighborhoods are over $400,000. You should sit down with a mortgage broker and see what you would have to make to qualify for that kind of loan on a 4plex. It's pretty easy to spend $600,000 on a four-plex in a sough after area. I don't mean to throw cold water on your plans and at the same time it's better to find this out right away as opposed to after you spend a few months digging around.